ET:Crude palm oil futures decline on profit-booking
NEW DELHI: Crude palm oil prices softened by Rs 3.70 to Rs 508.70 per 10 kg in futures trading today as speculators booked profits at prevailing higher levels, driven by sluggish demand in the spot market against adequate stocks position.
At the Multi Commodity Exchange, crude palm oil for delivery in July softened by Rs 3.70, or 0.72 per cent, to Rs 508.70 per 10 kg in business turnover of 357 lots.
Similarly, the oil for delivery in the June contract shed Rs 3.60, or 0.70 per cent, to Rs 508.30 per 10 kg in 177 lots.
Analysts said besides profit-booking by speculators at existing higher levels, sluggish demand in the spot market mainly kept pressure on crude palm oil prices at futures trade.
